2015 Q1 Form 10-Q Financial Statement

#000132616015000076 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $5.792B $6.263B
YoY Change -7.52% 6.19%
Cost Of Revenue $2.052B $2.116B
YoY Change -3.02% 17.1%
Gross Profit $4.013B $4.147B
YoY Change -3.23% 1.37%
Gross Profit Margin 69.29% 66.21%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $883.0M $884.0M
YoY Change -0.11% 16.01%
% of Gross Profit 22.0% 21.32%
Operating Expenses $2.571B $2.690B
YoY Change -4.42% -6.53%
Operating Profit $1.390B $1.362B
YoY Change 2.06% 8.18%
Interest Expense $403.0M $404.0M
YoY Change -0.25% 10.08%
% of Operating Profit 28.99% 29.66%
Other Income/Expense, Net $87.00M $131.0M
YoY Change -33.59% 12.93%
Pretax Income $1.140B $1.089B
YoY Change 4.68% 12.97%
Income Tax $364.0M $339.0M
% Of Pretax Income 31.93% 31.13%
Net Earnings $864.0M -$97.00M
YoY Change -990.72% -115.3%
Net Earnings / Revenue 14.92% -1.55%
Basic Earnings Per Share $1.22 -$0.14
Diluted Earnings Per Share $1.22 -$0.14
COMMON SHARES
Basic Shares Outstanding 708.0M shares 706.0M shares
Diluted Shares Outstanding 708.0M shares 706.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.855B $1.555B
YoY Change 83.6% -1.83%
Cash & Equivalents $2.821B $1.531B
Short-Term Investments $34.00M $24.00M
Other Short-Term Assets $3.288B $3.306B
YoY Change -0.54% 60.33%
Inventory $3.413B $2.908B
Prepaid Expenses
Receivables $2.766B $2.796B
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.32B $10.57B
YoY Change 16.63% 10.64%
LONG-TERM ASSETS
Property, Plant & Equipment $70.30B $66.36B
YoY Change 5.95% -3.57%
Goodwill $16.33B $16.34B
YoY Change -0.08% -0.18%
Intangibles
YoY Change
Long-Term Investments $2.937B $2.263B
YoY Change 29.78% 373.43%
Other Assets $3.207B $3.251B
YoY Change -1.35% 31.83%
Total Long-Term Assets $109.8B $103.2B
YoY Change 6.39% -0.85%
TOTAL ASSETS
Total Short-Term Assets $12.32B $10.57B
Total Long-Term Assets $109.8B $103.2B
Total Assets $122.1B $113.8B
YoY Change 7.34% 0.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.920B $1.892B
YoY Change 1.48% -4.69%
Accrued Expenses $998.0M $901.0M
YoY Change 10.77% -0.22%
Deferred Revenue
YoY Change
Short-Term Debt $3.790B $1.737B
YoY Change 118.19% 27.63%
Long-Term Debt Due $2.800B $885.0M
YoY Change 216.38% -73.37%
Total Short-Term Liabilities $11.90B $7.492B
YoY Change 58.88% -24.82%
LONG-TERM LIABILITIES
Long-Term Debt $37.17B $39.00B
YoY Change -4.68% 11.16%
Other Long-Term Liabilities $17.64B $14.22B
YoY Change 24.05% -7.42%
Total Long-Term Liabilities $37.17B $39.00B
YoY Change -4.68% 11.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.90B $7.492B
Total Long-Term Liabilities $37.17B $39.00B
Total Liabilities $49.08B $46.49B
YoY Change 5.56% 3.2%
SHAREHOLDERS EQUITY
Retained Earnings $2.309B $1.713B
YoY Change 34.79% -13.4%
Common Stock $39.41B $39.37B
YoY Change 0.1% 0.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.05B $40.71B
YoY Change
Total Liabilities & Shareholders Equity $122.1B $113.8B
YoY Change 7.34% 0.11%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $864.0M -$97.00M
YoY Change -990.72% -115.3%
Depreciation, Depletion And Amortization $883.0M $884.0M
YoY Change -0.11% 16.01%
Cash From Operating Activities $1.440B $1.373B
YoY Change 4.88% 25.85%
INVESTING ACTIVITIES
Capital Expenditures $1.411B $1.232B
YoY Change 14.53% -10.4%
Acquisitions
YoY Change
Other Investing Activities $1.000M $32.00M
YoY Change -96.88% -191.43%
Cash From Investing Activities -$1.456B -$1.286B
YoY Change 13.22% -12.22%
FINANCING ACTIVITIES
Cash Dividend Paid $564.0M $553.0M
YoY Change 1.99% 2.03%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $403.0M $1.287B
YoY Change -68.69% 72.29%
Cash From Financing Activities $801.0M -$57.00M
YoY Change -1505.26% -123.17%
NET CHANGE
Cash From Operating Activities $1.440B $1.373B
Cash From Investing Activities -$1.456B -$1.286B
Cash From Financing Activities $801.0M -$57.00M
Net Change In Cash $785.0M $30.00M
YoY Change 2516.67% -123.44%
FREE CASH FLOW
Cash From Operating Activities $1.440B $1.373B
Capital Expenditures $1.411B $1.232B
Free Cash Flow $29.00M $141.0M
YoY Change -79.43% -149.65%

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CY2014Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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StockholdersEquity
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CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
41051000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41408000000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40789000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40899000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41087000000 USD
CY2015Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
10000000 USD
CY2014Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
350000000 USD
CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
264000000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
569000000 USD
CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
508000000 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
7000000 USD
CY2015Q1 us-gaap Trading Securities
TradingSecurities
10000000 USD
CY2014Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
171000000 USD
CY2015Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
182000000 USD
CY2014Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
827000000 USD
CY2015Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
710000000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
47000000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
2000000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
-11000000 USD
CY2014Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
491000000 USD
CY2015Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
377000000 USD
CY2014Q1 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
116000000 USD
CY2015Q1 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
111000000 USD
CY2014Q1 us-gaap Utilities Operating Expense Maintenance Operations And Other Costs And Expenses
UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
1449000000 USD
CY2015Q1 us-gaap Utilities Operating Expense Maintenance Operations And Other Costs And Expenses
UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
1426000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
706000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
708000000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
706000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
708000000 shares
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">NATURE OF OPERATIONS AND BASIS OF CONSOLIDATION</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Corporation (collectively with its subsidiaries, Duke Energy) is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the Federal Energy Regulatory Commission (FERC). Duke Energy operates in the United States (U.S.) and Latin America primarily through its direct and indirect subsidiaries. Duke Energy&#8217;s subsidiaries include its subsidiary registrants, Duke Energy Carolinas, LLC (Duke Energy Carolinas); Progress Energy, Inc. (Progress Energy); Duke Energy Progress, Inc. (Duke Energy Progress); Duke Energy Florida, Inc. (Duke Energy Florida); Duke Energy Ohio, Inc. (Duke Energy Ohio) and Duke Energy Indiana, Inc. (Duke Energy Indiana). When discussing Duke Energy&#8217;s consolidated financial information, it necessarily includes the results of its six separate subsidiary registrants (collectively referred to as the Subsidiary Registrants), which, along with Duke Energy, are collectively referred to as the Duke Energy Registrants (Duke Energy Registrants).</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries where the respective Duke Energy Registrants have control. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants&#8217; proportionate share of certain jointly owned generation and transmission facilities.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Carolinas is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Carolinas is subject to the regulatory provisions of the North Carolina Utilities Commission (NCUC), Public Service Commission of South Carolina (PSCSC), U.S. Nuclear Regulatory Commission (NRC) and FERC. Substantially all of Duke Energy Carolinas&#8217; operations qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Progress Energy is a public utility holding company headquartered in Raleigh, North Carolina, subject to regulation by the FERC. Progress Energy conducts operations through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. Substantially all of Progress Energy&#8217;s operations qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Progress is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Progress is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Substantially all of Duke Energy Progress&#8217; operations qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Florida is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Florida. Duke Energy Florida is subject to the regulatory provisions of the Florida Public Service Commission (FPSC), NRC and FERC. Substantially all of Duke Energy Florida&#8217;s operations qualify for regulatory accounting.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio is a regulated public utility primarily engaged in the transmission and distribution of electricity in portions of Ohio and Kentucky, in the generation and sale of electricity in portions of Kentucky, and the transportation and sale of natural gas in portions of Ohio and Kentucky. Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers. Operations in Kentucky are conducted through its wholly owned subsidiary, Duke Energy Kentucky, Inc. (Duke Energy Kentucky). References herein to Duke Energy Ohio collectively include Duke Energy Ohio and its subsidiaries, unless otherwise noted. Duke Energy Ohio is subject to the regulatory provisions of the Public Utilities Commission of Ohio (PUCO), Kentucky Public Service Commission (KPSC) and FERC. Duke Energy Ohio applied regulatory accounting to a portion of its operations. On April 2, 2015, Duke Energy completed the sale of its nonregulated Midwest generation business, which sold power into wholesale energy markets, to a subsidiary of Dynegy Inc. (Dynegy). See Note </font><font style="font-family:Arial;font-size:8pt;">2</font><font style="font-family:Arial;font-size:8pt;"> for additional information. Substantially all of Duke Energy Ohio&#8217;s operations that remain after the sale qualify for regulatory accounting.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Indiana is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Indiana. Duke Energy Indiana is subject to the regulatory provisions of the Indiana Utility Regulatory Commission (IURC) and FERC. Substantially all of Duke Energy Indiana&#8217;s operations qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;"></font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</font></div></div>

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